Three youngsters keep arguing about whose father is the fastest.
– My father is definitely the fastest. He can easily overtake an arrow that he shot with a bow.
– Well, my father is a lot faster than that. Whenever he goes hunting, he shoots animals and runs up to them before they even fall down.
– You guys cannot understand what speed is. My father is employed in municipality. He finishes the shift at 4PM, but he is back home by 3:30PM.
No one can tell whether or not a business idea is good without having a plan. Therefore, not doing a business plan is usually the biggest mistake. No entrepreneur or business professional can make predictions without it. In other words, this is a main reason for proper planning.
The individual who invented the idea that you must do what you love should be hit with a hammer. It sounds violent, but this saying is responsible for countless failed businesses. In theory, it looks good. In reality, most people love things that they are curious about and not good at. From this point of view, you should do what you are good at and not what you love.
Not conducting any market research is a serious problem for a lot of enthusiasts. A lot of people start businesses just because they might work, only to go heartbroken when they collapse. Test a service or a product before investing in it. Otherwise, your success is only a matter of luck.
“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
Born in 1918 and deceased in 1992, Samuel Moore Walton was a prolific entrepreneur and businessman in the United States of America. He is better known for establishing the popular retailers Sam’s Club and Walmart. He began his ventures with some money he borrowed from his father-in-law, in 1945. He was only 26 years old back then. He passed away due to a harsh form of multiple myeloma, a blood cancer. Soon after his death, the news was relayed by satellite to all the Walmart stores at the exact same time. His vision remained alive and keeps running the retailer though.